John Feehery: Speaking Engagements

Biggest Single Democratic Donor Makes Billions Off of Financial Crisis

Posted on March 25, 2009

According to news reports, the single biggest Democratic campaign donor, the man who has bankrolled countless Democratic front-groups, has made billions by betting against the American economy.George Soros, the man who founded the Open Society, a group dedicated to the promotion of drug legalization and euthanasia, and founded several so-called campaign finance groups, all so he could more easily push his political agenda without any real competition, made over a billion dollars last year.

As Soros himself said, “I'm having a very good crisis.It is, in a way, the culminating point of my life’s work,' he told national newspaper The Australian.

I wonder if the Democrats are going to haul Mr. Soros before their various investigative committees and ask him pointed questions about executive compensation.

Of course, he hasn’t taken any bailouts from the taxpayer, but he also hasn’t offered any help either.Soros is no Warren Buffet, a white knight who rides to the rescue.He is more like the financial version of Darth Vader, driving markets down for his own profit.

The Financial Times said this about him:“George Soros has been blamed for the destruction of the Thai economy in 1997. One Thai activist said, “We regard George Soros as a kind of Dracula. He sucks the blood from the people.” The Chinese call him “the crocodile,” because his economic and ideological efforts in China were so insatiate, and because his financial speculation created millions of dollars in profits as it ravished the Thai and Malaysian economies. Soros once made a billion dollars in one day by speculating (a word he abhors) on the British pound. Accused of taking “money from every British taxpayer when he speculated against sterling,” he said, “When you speculate in the financial markets you are free of most of the moral concerns that confront an ordinary businessman.I did not have to concern myself with moral issues in the financial markets.”

Barney Frank has enjoyed himself immensely by taking on bank CEOs, the CEO of AIG, and various other American capitalists.But as far as I know, he hasn’t dared to take on George Soros, the man who is most responsible for the Democratic ascendancy over the last four years, and the man who has profited handsomely from one the greatest financial crises to ever hit America.

It would be nice to know what role Mr. Soros played (if any) in driving down the market for his own personal profit.Short-selling was one of the leading causes of last fall’s stock market crash.It became so serious, in fact, the practice was banned to give the market some sort of break.We now know that Mr. Soros, who has a history of this sort of thing, did very well from the difficulty of others.In fact, he calls it the culmination of his career.